Supervisory Principal Licenses

1. SIE

   Securities Industry Essentials (SIE) Exam

   Required for all representative-level registrations.

   Level

   Entry-level / introductory

   Format

   80 total multiple-choice items (75 scored + 5 unidentified, unscored pretest items randomly distributed throughout), 4 answer choices each, 1 hour 45 minutes (105 minutes), computer-administered, no penalty for guessing

   Passing score

   70 (scaled score on a 0-100 scale, equated across exam forms)

   Number of questions

   80 items presented (75 scored, 5 unscored pretest); only the 75 scored items count toward the candidate's result

   Prerequisites

   None. Open to anyone age 18 or older; no association or sponsorship with a FINRA member firm is required to sit for the exam

   Who it's for

   Anyone 18 or older, including students and career-changers, who wants to demonstrate baseline securities-industry knowledge to prospective employers. It is also a co-requisite for industry professionals: passing the SIE alone does not qualify someone for registration, but it must be paired with a specialized representative-level exam (e.g., Series 6, 7, 63) once sponsored by a member firm to become fully registered.

   SIE exam detailsSIE practice questions

2. Series 7

   General Securities Representative Qualification Examination (Series 7)

   A qualifying representative-level registration for the Series 24.

   Level

   Registered representative (entry-level)

   Format

   125 scored multiple-choice questions (4 answer choices each), delivered by computer with 10 additional unscored pretest items randomly distributed (135 items total); 3 hours 45 minutes

   Passing score

   72%

   Number of questions

   125 scored questions (135 delivered, including 10 unscored pretest items)

   Prerequisites

   Must pass the Securities Industry Essentials (SIE) exam as a co-requisite, and be sponsored by a FINRA member firm (or other applicable SRO member firm) to sit for the Series 7 ("Top-Off") exam

   Who it's for

   Entry-level candidates seeking registration as general securities representatives who will sell corporate securities, municipal securities, investment company products, variable annuities, options, direct participation programs, and government securities to customers.

   Series 7 exam detailsSeries 7 practice questions

3. Series 24

   General Securities Principal Qualification Examination (Series 24)

   Principal registration. Requires firm sponsorship and a qualifying representative-level registration held or registered for concurrently.

   Level

   Principal/supervisory registration (entry-level General Securities Principal; requires a corequisite representative-level registration)

   Format

   150 scored multiple-choice questions (plus 10 unscored pretest items randomly mixed in, for 160 total delivered), 3 hours 45 minutes, computer-administered

   Passing score

   70%

   Number of questions

   150 scored items (exam delivers 160 total items per candidate: 150 scored + 10 unscored/unidentified pretest items)

   Prerequisites

   Candidate must be sponsored by a FINRA member firm (or other applicable SRO member firm) and must already hold, or concurrently register for, a qualifying representative-level registration: Series 7 (General Securities Representative), Series 17 (UK Module of Series 7), Series 37/38 (Canada Module of Series 7), Series 57 (Securities Trader), Series 62 (Corporate Securities Limited Representative), or Series 82 (Private Securities Offerings Representative). The Series 16 (Supervisory Analysts) exam alone also qualifies a candidate for the Research Principal (RP) registration path. All representative-level registrations also require the SIE exam.

   Who it's for

   Entry-level general securities principals, branch managers, and supervisory/compliance staff at FINRA member broker-dealers who will supervise sales, trading, market making, underwriting, research, and overall firm compliance activities. It qualifies a much broader supervisory scope than the limited Series 9/10 sales-supervisor exams, though (unlike Series 9/10) it does not cover municipal securities or options.

   Series 24 exam detailsSeries 24 practice questions